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Grapevine: Tata group pulls ahead of SpiceJet promoter in race for Air India; Hexaware on block
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Tata Sons has quoted a price higher than SpiceJet promoter Ajay Singh for Air India in a preliminary bidding round, two people told Mint. 

Tata Sons is in the driver’s seat in the proposed divestment process as the second wave of Covid-19 has dampened Air India’s valuation further, the sources said. 

As per reports, Tata group and SpiceJet’s Singh, in his individual capacity, have been the only shortlisted candidates to bid for the carrier. 

Air India has around $10 billion worth of debt, of which Tata Sons may ask the government to take care of more than $5 billion. 

Hexaware 

Hong Kong-based buyout fund Baring Private Equity Asia is putting up Hexaware Technologies for sale at a valuation of up to Rs 22,000 crore, six months after the mid-tier IT firm went private. 

The fund has mandated investment banks Barclays and JPMorgan to find buyers, The Economic Times report said citing multiple people. 

Feelers have already gone out to investors including Apax Partners, Bain Capital, Carlyle, KKR, and global technology player Fujitsu. 

Baring PE Asia had acquired about 71% stake in Hexaware in 2013 and 2014 by shelling out about Rs 2,880 crore and invested up to Rs 5,406 crore to acquire the remaining stake to take it private. 

Indiabulls ARC  

Ares Management Corp-backed distressed asset buyer Assets Care & Reconstruction Enterprise (Acre) has agreed to buy a majority of assets owned by Sameer Gehlaut-promoted Indiabulls ARC, two people told The Economic Times. 

“Out of total assets worth Rs 2,100 crore -- mostly small retail loans -- Indiabulls ARC is selling assets worth Rs 1,800 crore to Acre. The transaction is very close to completion,” said one of the persons cited above. 

Indiabulls plans to wind down the rest of the book in line with its objective to focus on new businesses like telemedicine, healthcare and fintech. 

Byju’s 

Edtech giant Byju’s is now in talks to acquire upskilling platform Great Learning and test-prep firm Gradeup, an Entrackr report said citing a person in the know. 

“It may spend up to $50 million to acquire Gradeup to strengthen its test preparation segment,” the person added. 

The discussions are at the post-term-sheet stage, the source said. “Both deals are likely to be closed by the next month,” the person added. 

“Byju’s is likely to shell out up to $350 million to acquire Gurugram-based Great Learning,” said the person.

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